OurmsgtoAceCashCEO.wmv

Sixty members of Iowa Citizens for Community Improvement (Iowa CCI) converged on ACE Cash Express in Des Moines Saturday, December 5, 2009 .Our message was clear: payday loans are not good loans, cap your interest rates and extent payback periods, stop ripping off our community and we demand good, affordable credit. for all.

Payday lending is not good credit, reads a letter the group delivered to ACE Check Express. Crushing interest rates [400%] and unrealistic payback periods make it impossible for most Iowans to escape the payday lending debt cycle after just one loan.

Iowa CCI members demanded that Ace Cash Express set an example for the rest of the industry by capping interest rates during the holiday season at 10 percent, and extending repayment periods from two weeks to two months.

CCI also called on the Iowa state legislature to pass interest rate caps and extended repayment periods during the 2010 legislative session. House File 288 and Senate File 463 both include provisions aimed at cracking down on payday lending.

Category:

Nonprofits & Activism

Tags:

• Iowa CCI
• payday lending
• ACe Cash express
• organizing
• protest

[t123bling]

Lol perhaps individuals should become better managers of their personal finances then they could go to first string lenders such as a bank. Or when that is not an option perhaps they could learn to read and NOT sign a payday loan if they do NOT agree with terms. At the origination of the loan the customer is most happy it is the payback of funds that makes them mad

[damoncaravanman]

So why do you people take these payday loans if you don't like the terms???????? It is a service provided, that you decided to do, ACE did not force you to do a payday loan. Learn to control your money in the first place instead of crying about it after you take the money! Are you folks that stupid? No one forced you to do a payday loan and no one ever will. It was a free choice that you made.

[redrider]

This is sooooooo untrue!!!!! Everyday people should learn how to manage money and read the fine print!!!! you can get out of the payday system if you only borrow what you need, not what you want!!!! You can always reduce the amount you want to take out again!!!!!!! I was stuck in the cycle until i learned how to manage my money and lower my take out rate!!!